XML 24 R9.htm IDEA: XBRL DOCUMENT v3.20.2
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Dec. 31, 2019
Cash flows from operating activities:          
Net income $ 90,076 $ 98,061 $ 418,841 $ 223,566  
Adjustments to reconcile net income to net cash provided by operating activities:          
Depreciation and amortization     265,168 240,033  
Amortization of discount on marketable securities     (4,862) (10,869)  
Amortization of discount and debt financing costs, net     3,973 1,726  
Gain on sale of marketable securities     (33) (498)  
Provision for credit losses     97    
Unrealized loss (gain) on equity securities recognized through income     1,073 (4,454)  
Company's share of gain on the sales of co-investments     0 (870)  
Earnings from co-investments     (38,554) (32,365)  
Operating distributions from co-investments     29,613 38,699  
Accrued interest from notes and other receivables     (835) (2,896)  
Gain on the sale of real estate and land     (16,597) 0  
Equity-based compensation     4,043 5,321  
Loss (gain) on early retirement of debt, net 5,027 (332) 4,706 (1,668)  
Gain on remeasurement of co-investment 0 0 (234,694) (31,535)  
Changes in operating assets and liabilities:          
Prepaid expenses, receivables, operating lease right-of-use assets, and other assets     (9,224) (7,925)  
Accounts payable, accrued liabilities, and operating lease liabilities     2,565 12,486  
Other liabilities     830 1,082  
Net cash provided by operating activities     426,110 429,833  
Additions to real estate:          
Acquisitions of real estate and acquisition related capital expenditures, net of cash acquired     (458,857) (47,585)  
Redevelopment     (32,211) (30,804)  
Development acquisitions of and additions to real estate under development     (54,994) (86,108)  
Capital expenditures on rental properties     (40,013) (41,927)  
Investments in notes receivable     (6,669) 0  
Collections of notes and other receivables     98,711 2,500  
Proceeds from insurance for property losses     568 2,698  
Proceeds from dispositions of real estate     230,935 0  
Contributions to co-investments     (43,817) (167,278)  
Changes in refundable deposits     96 252  
Purchases of marketable securities     (10,989) (40,098)  
Sales and maturities of marketable securities     4,301 50,226  
Non-operating distributions from co-investments     25,136 26,657  
Net cash used in investing activities     (287,803) (331,467)  
Cash flows from financing activities:          
Proceeds from unsecured debt and mortgage notes     856,630 498,234  
Payments on unsecured debt and mortgage notes     (286,074) (473,528)  
Proceeds from lines of credit     1,038,426 975,832  
Repayments of lines of credit     (1,093,426) (858,832)  
Retirement of common stock     (196,404) (56,989)  
Additions to deferred charges     (7,297) (5,873)  
Payments related to debt prepayment penalties     (1,696) 0  
Net proceeds from issuance of common stock     (133) (82)  
Net proceeds from stock options exercised     14,865 8,743  
Payments related to tax withholding for share-based compensation     (5,664) (3,515)  
Distributions to noncontrolling interest     (15,613) (13,842)  
Redemption of noncontrolling interest     (1,703) (14,179)  
Redemption of redeemable noncontrolling interest     0 (73)  
Common stock dividends paid     (264,837) (250,686)  
Net cash provided by (used in) financing activities     37,074 (194,790)  
Net increase (decrease) in unrestricted and restricted cash and cash equivalents     175,381 (96,424)  
Unrestricted and restricted cash and cash equivalents at beginning of period     81,094 151,395 $ 151,395
Unrestricted and restricted cash and cash equivalents at end of period 256,475 54,971 256,475 54,971 81,094
Supplemental disclosure of cash flow information:          
Cash paid for interest (net of $9.0 million and $12.3 million capitalized in 2020 and 2019, respectively)     98,358 94,925  
Operating cash flows from operating leases     3,430 3,392  
Supplemental disclosure of noncash investing and financing activities:          
Issuance of DownREIT units in connection with acquisition of real estate     0 65,472  
Transfers between real estate under development and rental properties, net     131,960 138  
Transfer from real estate under development to co-investments     1,473 240  
Reclassifications (from) to redeemable noncontrolling interest to/from additional paid in capital and noncontrolling interest     (4,169) 1,428  
Initial recognition of operating lease right-of-use assets     0 77,645  
Initial recognition of operating lease liabilities     0 79,693  
Debt assumed in connection with acquisition     0 98,681  
Essex Portfolio, L.P.          
Cash flows from operating activities:          
Net income 90,076 98,061 418,841 223,566  
Adjustments to reconcile net income to net cash provided by operating activities:          
Depreciation and amortization     265,168 240,033  
Amortization of discount on marketable securities     (4,862) (10,869)  
Amortization of discount and debt financing costs, net     3,973 1,726  
Gain on sale of marketable securities     (33) (498)  
Provision for credit losses     97 0  
Unrealized loss (gain) on equity securities recognized through income     1,073 (4,454)  
Company's share of gain on the sales of co-investments     0 (870)  
Earnings from co-investments     (38,554) (32,365)  
Operating distributions from co-investments     29,613 38,699  
Accrued interest from notes and other receivables     (835) (2,896)  
Gain on the sale of real estate and land     (16,597) 0  
Equity-based compensation     4,043 5,321  
Loss (gain) on early retirement of debt, net 5,027 (332) 4,706 (1,668)  
Gain on remeasurement of co-investment 0 0 (234,694) (31,535)  
Changes in operating assets and liabilities:          
Prepaid expenses, receivables, operating lease right-of-use assets, and other assets     (9,224) (7,925)  
Accounts payable, accrued liabilities, and operating lease liabilities     2,565 12,486  
Other liabilities     830 1,082  
Net cash provided by operating activities     426,110 429,833  
Additions to real estate:          
Acquisitions of real estate and acquisition related capital expenditures, net of cash acquired     (458,857) (47,585)  
Redevelopment     (32,211) (30,804)  
Development acquisitions of and additions to real estate under development     (54,994) (86,108)  
Capital expenditures on rental properties     (40,013) (41,927)  
Investments in notes receivable     (6,669) 0  
Collections of notes and other receivables     98,711 2,500  
Proceeds from insurance for property losses     568 2,698  
Proceeds from dispositions of real estate     230,935 0  
Contributions to co-investments     (43,817) (167,278)  
Changes in refundable deposits     96 252  
Purchases of marketable securities     (10,989) (40,098)  
Sales and maturities of marketable securities     4,301 50,226  
Non-operating distributions from co-investments     25,136 26,657  
Net cash used in investing activities     (287,803) (331,467)  
Cash flows from financing activities:          
Proceeds from unsecured debt and mortgage notes     856,630 498,234  
Payments on unsecured debt and mortgage notes     (286,074) (473,528)  
Proceeds from lines of credit     1,038,426 975,832  
Repayments of lines of credit     (1,093,426) (858,832)  
Retirement of common stock     (196,404) (56,989)  
Additions to deferred charges     (7,297) (5,873)  
Payments related to debt prepayments penalties     (1,696) 0  
Net proceeds from issuance of common stock     (133) (82)  
Net proceeds from stock options exercised     14,865 8,743  
Payments related to tax withholding for share-based compensation     (5,664) (3,515)  
Distributions to noncontrolling interest     (4,152) (3,925)  
Redemption of noncontrolling interest     (1,703) (14,179)  
Redemption of redeemable noncontrolling interest     0 (73)  
Common stock dividends paid     (276,298) (260,603)  
Net cash provided by (used in) financing activities     37,074 (194,790)  
Net increase (decrease) in unrestricted and restricted cash and cash equivalents     175,381 (96,424)  
Unrestricted and restricted cash and cash equivalents at beginning of period     81,094 151,395 151,395
Unrestricted and restricted cash and cash equivalents at end of period $ 256,475 $ 54,971 256,475 54,971 $ 81,094
Supplemental disclosure of cash flow information:          
Cash paid for interest (net of $9.0 million and $12.3 million capitalized in 2020 and 2019, respectively)     98,358 94,925  
Operating cash flows from operating leases     3,430 3,392  
Supplemental disclosure of noncash investing and financing activities:          
Issuance of DownREIT units in connection with acquisition of real estate     0 65,472  
Transfers between real estate under development and rental properties, net     131,960 138  
Transfer from real estate under development to co-investments     1,473 240  
Reclassifications (from) to redeemable noncontrolling interest to/from additional paid in capital and noncontrolling interest     (4,169) 1,428  
Initial recognition of operating lease right-of-use assets     0 77,645  
Initial recognition of operating lease liabilities     0 79,693  
Debt assumed in connection with acquisition     $ 0 $ 98,681